Abtech Holdings (ABHD) saw its loss narrow to $1.07 million in the quarter ended compared with $1.83 million, a year ago.
Revenue during the quarter plunged 46.89 percent to $0.05 million from $0.10 million in the previous year period. Gross margin for the quarter stood at negative 65.29 percent as compared to a positive 6.82 percent for the previous year period.
Operating loss for the quarter was $1.16 million, compared with an operating loss of $1.64 million in the previous year period.
Working capital remains negativeWorking capital of Abtech Holdings was negative $5.72 million on Sep. 30, 2016 compared with negative $3.66 million on Sep. 30, 2015. Current ratio was at 0.08 as on Sep. 30, 2016, down from 0.14 on Sep. 30, 2015. Cash conversion cycle (CCC) has increased to 1242 days for the quarter from 646 days for the last year period. Days sales outstanding went down to 41 days for the quarter compared with 46 days for the same period last year.
Days inventory outstanding has decreased to 195 days for the quarter compared with 439 days for the previous year period. At the same time, days payable outstanding went up to 1478 days for the quarter from 1130 for the same period last year.
Debt comes down significantlyAbtech Holdings has recorded a decline in total debt over the last one year. It stood at $1.19 million as on Sep. 30, 2016, down 81.06 percent or $5.07 million from $6.26 million on Sep. 30, 2015. Total debt was 217.89 percent of total assets as on Sep. 30, 2016, compared with 945.50 percent on Sep. 30, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
